Buying a Private Party Used Bike and Financing

Discussion in 'Ask Baldy, Blame AceRph' started by dirtcrack, Mar 30, 2013.

  1. dirtcrack

    dirtcrack Adventurer

    Joined:
    Mar 17, 2013
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    Pike County, GA
    I am looking at buying another bike. I want to buy a used bike. My Credit Union has pre-approved me for more than enough to buy what I'm looking for. The problem is that the credit union won't issue a check without a title and I'm sure most owners aren't going to send a title to the credit union without a check for full payment. No problem if you're buying a motorcycle local or from a dealer. But as we know, you very rarely find what you're looking for locally and many times it is out of state. I will have a down payment of at least half of the purchase price. Have any of you run into this and how did you handle it without asking the owner of the bike to bring it to your credit union?
    #1
  2. wvboy

    wvboy Been here awhile

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    Back and Forth
    I have taken out unsecured loans before (higher interest rate) because I wasn't buying a vehicle (hint).

    You could always take the title to them after the purchase and refinance the loan for the lower rate or keep the title and pay it off early.
    #2
  3. barnyard

    barnyard Verbal tactician Super Moderator

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    central Mn
    What I did when I bought my bike out of state, is I went to the loan officer on a Saturday, got all the details, signed the papers and got her email address. The seller scanned the title and emailed that to her. I picked up the check the next weekend. The loan officer did say that I could have picked up the check the same day, that the emailed title was fine.

    She also said that faxing the title would have worked.
    #3
  4. mogwai

    mogwai humorless prick

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    Feb 4, 2002
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    Credit unions can be great to work with. Mine told me to write a check over the weekend, then come in on Monday to work out the loan details.
    #4